Pune, India, March 29, 2022 (GLOBE NEWSWIRE) --
The global truck loader crane market size is expected to witness healthy growth during the forecast timeframe, owing to increasing their investments in the utility sector. Central authorities across India, Australia, Japan, and South Korea are encouraging the deployment of 5G networks to enhance the internet connectivity and communication systems. The following is a region-wise view of trends supporting the market growth:
Asia Pacific (regional valuation may exceed $700 million):
COVID-19 impact on the demand for truck loader cranes:
The COVID-19 pandemic had a severe effect on Asia Pacific truck loader crane market size as the virus had spread to several countries across the region that supply components and cranes, such as India, Taiwan, China, Japan, and South Korea. Governments across the region had imposed strict lockdowns and movement restrictions during the first half of 2020.
The pandemic also created disruptions and delays in the supply chain activities, which led to the temporary closure of the manufacturing plants. However, as the situation is consistently improving, the demand for truck loader cranes will shoot up to keep up with the sudden rise in construction activities.
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Crane rental services gain momentum:
Construction companies across Asia Pacific are increasing their inclination towards crane rental agencies. This move will not only help the construction firms reduce their cost of ownership of expensive equipment but also expand the customer base of the crane rental companies. The agencies are focusing on enhancing their after-sale services and corporate network to boost their revenue.
For example, SmartEquip, in September 2021, partnered with Diamond Construction Equipment Corp., a rental company based in Tokyo to unveil its e-procurement network of components. This partnership will help SmartEquip strengthen its market presence, thereby fueling the adoption of truck loader crane rental services among clients.
High use of truck loader cranes in the oil & gas sector:
The oil & gas sector will capture a major share of Asia Pacific market by 2027 as there is a high demand for petroleum products. End-users in the region’s energy sector are increasingly gaining high-valued contracts to construct energy plants and storage facilities, which will improve the use of truck loader cranes across the sector.
Europe (regional valuation to surpass $1 billion)
Sale of truck loader cranes with up to 6 metric tons capacity grows:
Europe is witnessing a strong rise in material handling activities, which has boosted the sale of truck loader cranes with a capacity of up to 6 metric tons. Many leading companies are introducing knuckle boom cranes that have an overall payload capacity of less than 6 tons to expand their customer base.
For example, German crane and lift producer Klaas launched the Klaas K100 RSX aluminum crane in February 2020, with a capacity of up to 6 tons and a maximum height of 60 meters. The crane is packed with several advanced features, such as double derrick cylinders, extendable counterweight, and twin lung cylinders, thereby driving the regional truck loader crane industry share.
Forestry and mining activities increase significantly:
Europe truck loader crane market size from mining and forestry activities is predicted to record a strong CAGR through 2027 as there is a high need for various minerals, metals, and natural resources to keep up with the growing demand for a high-end and sustainable public infrastructure. Many companies across the region are inking partnership deals and entering mergers & acquisitions to increase their market presence. These strategies will speed up the sale of truck loader cranes across the region.
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North America (regional valuation may cross $600 million)
Presence of reputed automobile companies grows:
North America is seeing a commendable rise in the number of automobile companies setting up their manufacturing base. This factor will have a positive impact on the demand for truck loader cranes.
Many automotive OEMs are establishing their production plants in North America as it can help them reduce the transport time. For example, Tesla, in November 2021, announced the construction of a manufacturing plant for battery gears in Markham, Ontario. Such efforts may expand the regional truck loader crane market size.
Heavy-duty truck loader cranes gain traction in demand:
Heavy-duty truck loader cranes will hold a large share of the regional industry by 2027 as these cranes have a high payload capacity. They can seamlessly perform various complex operations for a long time. These advantages will increase the adoption of heavy-duty cranes across the U.S.
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